Thought I should reply to some of the issues and questions raised as I am a RE agent in Bargara.
I have been an investor in the area since 1996 and have 10 properties in my portfolio at present. I have a house in Bundy but others are at the coast.
Generally:
I attended the Matusik breakfast- impressive. There is a more detailed report on our area coming out soon.
Burnett Shire contains the coastal areas mentioned in this thread (and more areas to the west of Bundy) Bundaberg is in the middle of Burnett Shire.
The amalgamation (and council elections) are due in March.
Bundy + Burnett + Kolan (north of Bundy) and Isis (south-Childers and Woodgate beach)
Bargara is the main coastal centre- it has a nice village atmosphere. Quality 5 storey oceanfront developments in recent years, nice res A areas not far from the beach. Cafe's and restaurants, 2 doctors, 2 pharmacists, a vet, 2 banks, etc ( lots of RE agencies and more coming!)
Bundy's pop is about 50k and Burnett's about 25k (Bargara 7500)
Av capital growth of 12% 2007 for Bundy and the Coast
((For Karina Elliott Heads +15.5% 312k median))
Just to answer some of the questions/issues:
Beaches: Stinger free swimming, shark baits (not nets), small surfable waves
There are 4 in Bargara itself (Kelly's Beach is 1km long approx), Mon
Repos beach just north is bigger again.
((No issues with Bondi type crowds on the beaches just yet. Beaches to the north and south are longer a la Moore Park, eg Rules beach, Agnes Water to the north and Woodgate beach to the south)
Pop Growth: Bargara about 5% (according to a Council Paper) the Shire itself is less than that but still 2x state av.
Schools: 1 primary state school in Bargara and one in Kalkie halfway to Bundy. 3 Private and 3 State High Schools in Bundy (2 of the private schools halway to Bundy)
Education Qld owns a big parcel (19.76ha) and Catholic Ed Office owns another big block (12.7 ha) both adjoin central Bargara Residential (probably be a State High and a Catholic Primary in time)
Who's Buying?Gold Coast, Brisbane and Sunshine Coast people moving because of lifestyle "this is what Caloundra etc was like 20 years ago"
Investors from these areas and the mining areas to the north.
To a lesser extent NSW investors and empty nester types.
The coast is also an upmarket suburb (esp'y Bargara) for people who usually work in Bundy (14 km away)
Rental demand has been very high in recent times and rents are increasing (av 4% for a house)
Coastal Planning Maps: Are available on the Burnett Shire website (
www.burnett.qld.gov.au) The New Planning Scheme came into force in May 2006.
There are some great aerial shots on the Council's site. Bundy has some excellent shots of the coast as well.
www.bundaberg.qld.gov.au
Moore Park We don't cover Moore park beach so it is not an area that I can shed any light on.
Infrastructure
More shops coming- Shopping Centre is expanding (and they have still more adjoining land) Woolies as marquee shop. Rents for commercial space are up a fair bit.
There are two main road links to Bundy- doubt we will get a dual lane carriageway for a while.
Bundy only 15mins away and is a thriving regional centre- we have 2
other hospitals...
Subdivision Opportunities:
When the New Planning Scheme finally came out it was out of date (IMO)
It doesn't provide enough urban land (I am talking Burnett Heads to Elliott Hds) for the growth that is occurring.
Rural land is really close to the coast in many parts (eg Hughes Rd Bargara is 700-800m from the ocean and is rural to its west) These would be the ones to look acquiring keeping in mind the holding costs. Some of these have been for sale but sellers are looking for Res A money without the zoning...
englobo land in Bargara 60k per raw block + 60k to develop
Last sale 5.2M for 9.48 ha close to golf course and CBD (89 blocks from memory) Res A of course
None of theses left tho AFAIK
I include a report I am working on for some Brisbane investors (all my opinion of course):
If you would like specific help feel free to PM me
Market on the move again in 07
Last boom started here in 2000
Positive press (Matusik coastal hotspot- W'end Aus, Money Mag, Courier Mail)
Affordable, infrastructure, Bundaberg close, village feel
Investors back in the market
Strength of Brisbane (esp’y inner) and Gold Coast (usually flows on to us)
Sydney recovering (more top end)
Many buyers here not mortgage belt, highly geared so int rate rises not such a factor
(eg cashed up empty nesters, retirees for whom higher rates are a positive)
Confidence is back but still a segmented market
Interest in cheaper homes around 300k now under 340k
Vacant land on which to build- base price now 150k (fully serviced)
Shortages of both of the above stock is tight
Hot sectors- central bargara quarter acre and oceanfront Bargara
Mid to High Houses 450 and up still a bit soft unless special (view etc)
Villages
Bargara- main centre, most demand for central and beachside
New Planning Scheme- old house on 1012m2, redevelopment potential, hot sector strong interest
Opp for medium density development one to three streets back depending on zoning
Oceanfront prices surpassing peak boom prices and selling quickly
Most Services and infrastructure – shopping, golf, more commercial/retail coming eg Woolies
Golf Club site redevelopment
Burnett Heads
Second biggest coastal village (school, pub and shops- new IGA centre approved)
Brisbane Port Authority merger with Bundy Port Authority
Port Authority proposal for Harbour front land Strategic (maritime industries) and non- strategic (residential)
Not sewered but may happen to facilitate Port Authority redevelopment
Bridge over Burnett Ck to link BHeads to the Port
Strong price growth cheaper houses
Value in oceanfront houses (from 600k), very pretty sea esplanade
Small (patrolled in season) beach (oaks Beach) 80m or so
Innes Park
New subdivisions, big houses
Not sewered
Older area better value and very popular look for a cheaper home here
Developing suburb, handy to Bargara
Small general store
$165M resort planned by Metricon (Tavern units and housing)
Will almost link to Innes Park North and Bargara
Coral Cove
Mostly sewered (has its own plant)
Golf Course and club house
Biggish general store
No beach (yet) trying to get one
Most houses priced in the softer price segment (450+)
Afair bit of this for sale
Look for bargain and or something with a view (ocean or golf course)
Austcorp owned
Capacity for land supply to increase once the treatment plant is finished
Elliott Heads
Not sewered
Very pretty- white sand - small beach areas but km's of sandy river flats
Has had strong capital growth this year but relatively few sales
Small and tightly held
Very limited supply
Land can be expensive
EH buyers will pay a premium to get in
Older house around the common possible view and or
Walk to beach and or river
Proposal to rezone farmland behind existing houses
Local resistance to development
Recommendations
Good time to buy all indications point toward increasing capital growth.
• Oceanfront value is B Heads, superior capital growth + infrastructure + Port Authority (600-750k)
• Central Bargara old house 1012m2 in Med Density Precinct (380-400k) pay more for Holland St, corner block good but not essential
• House under 340 (central Bargara, other suburb preferably with amenity (close beach and or view)
• Cheap (around 400k) older style unit in Bargara, - low body corp capacity to add value
• Value block of land in Bargara (around 160k) might get builder’s terms in a new estate, time to get built might be an issue (6-12 months)